Applied Digital Solutions (NASDAQ:ADSX)
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Digital Angel Corporation (AMEX: DOC), an advanced technology company in
the field of rapid and accurate identification, location tracking and
condition monitoring of high-value assets, and VeriChip Corporation
(NASDAQ: CHIP), a provider of RFID systems for healthcare and
patient-related needs, announced today they have established a joint
committee to design and develop a working, implantable glucose microchip
to determine glucose levels in the bodies of animals and humans,
negating the need for diabetics to draw blood in order to monitor their
individual blood glucose levels. The committee will oversee future
clinical trials in animals and humans, and is also responsible for
selecting technology and marketing partners. The goal for the chip is to
function inside the body for a period of at least six months.
The committee is led by Dr. Howard S. Weintraub, and also includes Zeke
Mejia, Digital Angel’s Animal Applications
Chief Technology Officer, Yuri Smirnov, Digital Angel’s
Animal Applications Senior Radio Frequency Engineer, Jonathan Musher,
M.D., VeriChip’s Chief Medical Officer, Kevin
N. McGrath, Digital Angel’s President and
Chief Executive Officer, and Scott R. Silverman, VeriChip’s
Chairman and Chief Executive Officer. Additional members will be added
from the medical and scientific communities.
Dr. Weintraub said, “Following our patent
award in October 2006, we are positioned to begin development of a
glucose microchip, which has the potential to revolutionize the way
people with diabetes live and the medical care they receive. There are
estimated to be hundreds of millions of people around the world living
with diabetes, many of whom are not compliant with their care regimens
due in large part to the discomfort and inconvenience of pricking their
fingers numerous times per day. This chip could provide a painless way
to quickly and accurately scan blood glucose levels to an external
reader.”
Dr. Weintraub has been a Director of Digital Angel since March 2002. Dr.
Weintraub retired from C. R. Bard, Inc., a medical device company, in
2003, where he was Vice President, R&D, Corporate Staff. From 1988 to
1998, he held a series of senior research and technology management
positions at Bristol-Myers Squibb. Dr. Weintraub was previously
associated with Ortho Pharmaceutical Corporation, a Johnson and Johnson
company, from 1973 until 1988, where he held senior research management
positions. He also has authored or co-authored over 50 scientific
publications and abstracts. Dr. Weintraub previously served as chairman
of the Industrial Pharmaceutical Technology Section of the AAPS
(formerly APhA), and was the chairman of the Drug Metabolism sub-section
of the Research and Pharmaceutical Manufacturers’
Association. Dr. Weintraub earned a Bachelor of Science Degree in
Pharmacy from Columbia University and his Ph.D. in biopharmaceutics from
the State University of New York at Buffalo.
Checking blood glucose levels regularly is critical to properly managing
diabetes. The conventional method – a finger
prick – is invasive, painful and often
inaccurate. The implantable bio-sensor chip will have a passive
transponder, a sensor and integrated circuitry that could allow anyone
implanted with the microchip to painlessly scan it to determine their
blood glucose concentration. The RFID microchip would then quickly and
accurately transmit the glucose data back to a wireless scanner that
displays the glucose level. The RFID microchip will be powered by the
scanner signal, avoiding the need for a battery in the microchip.
The patent, No. 7,125,382 was granted on October 24, 2006, and is titled
"Embedded Bio-Sensor System.”
About Digital Angel Corporation
Digital Angel Corporation (www.DigitalAngelCorp.com)
develops and deploys sensor and communications technologies that enable
rapid and accurate identification, location tracking, and condition
monitoring of high-value assets. Applications for the Company’s
products include identification and monitoring of humans, pets, fish,
poultry and livestock through its patented implantable microchips;
location tracking and message monitoring of vehicles and aircraft in
remote locations through systems that integrate GPS and geosynchronous
satellite communications; and monitoring of asset conditions such as
temperature and movement, through advanced miniature sensors. Digital
Angel Corporation is majority-owned by Applied Digital Inc. (NASDAQ:
ADSX), which also owns a majority position in VeriChip Corporation
(NASDAQ: CHIP).
About VeriChip Corporation
VeriChip Corporation, headquartered in Delray Beach, Florida, develops,
markets and sells radio frequency identification, or RFID, systems used
to identify, locate and protect people and assets. VeriChip's goal is to
become the leading provider of RFID systems for people in the healthcare
industry. VeriChip sells passive RFID systems for identification
purposes and active RFID systems for local-area location and
identification purposes. VeriChip recently began to market its VeriMed(TM)
Patient Identification System for rapidly and accurately identifying
people who arrive in an emergency room and are unable to communicate.
This system uses the first human-implantable passive RFID microchip, the
implantable VeriChip(TM), cleared for medical
use in October 2004 by the United States Food and Drug Administration.
VeriChip Corporation is majority-owned by Applied Digital Inc. (NASDAQ:
ADSX), which also owns a majority position in Digital Angel Corporation
(AMEX: DOC). For more information on VeriChip, please call
1-800-970-2447, or email info@verichipcorp.com.
Additional information can be found online at http://www.verichipcorp.com.
This press release includes forward-looking statements, including but
not limited to statements regarding the potential development, clinical
trials and commercialization of an implantable glucose-sensing
microchip, the potential of the microchip to revolutionize diabetes care
and management and to negate the need for diabetics to draw blood to
monitor blood glucose levels, its ability to painlessly and accurately
scan, determine, and transmit glucose concentration levels to a wireless
scanner, and the potential for it to operate properly within the human
body for the timeframe intended. The Company wishes to caution readers
that certain important factors and various risks may have affected and
could in the future affect the Company’s
actual results and could cause the Company’s
actual results for subsequent periods to differ materially from those
expressed in any forward-looking statement made by or on behalf of the
Company. With respect to the Company's expectations expressed in this
press release, such risk factors include, but are not limited to, the
performance of the product according to Company expectations. This
information is also qualified in its entirety by cautionary statements
and risk factor disclosures contained in the Company’s
Securities and Exchange Commission filings, including the Company’s
annual report on Form 10-K for the fiscal year ended December 31, 2006
and its quarterly reports. The Company can offer no assurances that any
projections, assumptions or forecasts made or discussed in this release
will be met, and investors should understand the risks of investing
solely due to such projections. The Company undertakes no obligation to
revise any forward-looking statements in order to reflect events or
circumstances that may arise after the date of this press release.